Tuesday, October 6, 2009

Online Banking Fraud Increases by 55% in the U.K.

Last Week was "Online Banking is Weak Week" on the PIN Payments News Blog.

But that doesn't mean it's yesterday's news. Everyday, there is news regarding the perils and weaknesses of the old-fashioned, inept and obviously obsolete practice of "typing" user name and password log-in details into a graphical user interface on an online banking

The following excerpt is from today's Sky News:

Online banking fraud has jumped by more than a half over the past year amid fears that Britain is becoming a soft touch for internet crooks.

Conmen are finding new ways to steal banking passwords

The cost of the crime rose to a record £39m for the first half of this year - a 55% increase on the same period in 2008, according to industry body Financial Fraud Action UK.

Experts blamed the hike on fraudsters using increasingly sophisticated methods to get their hands on customers' cash, rather than weaknesses in the banks' own online systems.

Methods include targeting online bankers through malware scams, where customers' computers are infected with a Trojan virus,
which logs their keystrokes, including passwords and personal data.   There were also more than 26,000 phishing incidents during the same period - a 26% increase on the first six months of last year.

  • Phishing sees victims conned into handing over their banking details often through an official-looking letter or website.

  • Shadow home affairs minister James Brokenshire said: "These figures underline the growing threat from online crime.

    • "Unless more concerted action is taken, consumer confidence in the internet will be damaged with significant implications for business

    • "We need a strong coordinated approach to prevent more people falling victim to computer crime."  Editor's Note:  How about providing a log-in procedure that 100% replicates the same way banks trust consumers to access cash in real time at an ATM? 

    Continue Reading

    Advice about preventing online banking fraud: www.banksafeonline.org.uk

    P.S. Don't bother.  They probably tell you to use updated anti-virus software so that you won't be infected.  But, the new online banking Trojans bypass even up-to-date anti-virus programs 77% of the time.

    "There is an online banking Trojan out there
    that is bypassing up-to-date anti-virus programs as much as 77% of the time, according to security company Trusteer."PDF

    From the report: Page 6, first paragraph:  The effectiveness of an up to
    date anti virus against Zeus is thus not 100%, not 90%, not even 50% -
    it’s just 23%.

    I'm not making this stuff up folks.  It's the Typing and it's the Browser.  They don't mix.  It's got to be done "inside the box."  That said,
      "For advice on eliminating the threats to online banking fraud, stay tuned to the PIN Payments News Blog!"

    Again...I really don't think I'm being too simplistic when I point out the reality of the situation:    As long as online banking customers continue to "type" their log-in details into a box, the only swiping going on will be on the part of the Hackers. So the question begs to be asked.  If your online banking details are going to be swiped anyway, shouldn't online banking customers be the one's doing the swiping? 

    How's that for a "strong" coordinated approach to prevent more people from falling victim to computer crime?

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    Todos Secures Another Bank

    Further E-vidence that Banks are Looking to Secure Online Banking Authentication with Hardware

    GOTHENBURG, SWEDEN -- PIN Payments Blog -- 10/06/09 --

    Hwatai Commercial Bank deploys the Todos eCode system to increase trust and security for customers and gain great flexibility and opportunities for future development.

    GOTHENBURG, SWEDEN AND TAIPEI, TAIWAN-OCTOBER 6, 2009-Hwatai Commercial Bank has selected Todos to supply authentication servers and devices for its online banking customers.

    Hwatai Bank has a history and reputation dating back 66 years and it has 30 branches across Taiwan.

    This decision demonstrates Todos's global reach. The company beat several other leading providers to win this contract and supplies eight of the top 30 Taiwanese banks. Todos is also the only company to offer a Government-certified smart card reader with Chinese character output in Taiwan.

    Hwatai initially plans to deploy the Todos C200. This light-weight smart card reader is easy for bank customers to use and provides extra protection against fraud compared with static passwords or one-time password tokens. It comes with Todos's unique technologies Dynamic Signatures and Secure Domain Separation, increasing both security and user-friendliness to unrivalled levels.

    A key factor in the bank's decision was the flexibility and future-proof design of the Todos eCode system. The Todos Versatile Authentication Server is really very versatile. It allows banks to issue multiple devices to individual customers. For example the same user can have a compact travel device and a more secure smart card reader for the office. Banks can also give different types of users different devices. For example business customers might need more enhanced devices than consumers. Lastly, it makes it easy for the bank to upgrade users to more enhanced devices if required in the future.

    Many of Todos's authentication devices feature user-friendly 'login' and 'pay' buttons with secure domain separation between different uses. This means that Hwatai can deploy the devices to login to eBanking systems today and, in future, offer its customers eCommerce functionality. This is a significant opportunity for the bank since their sister company, PX Mart, is the largest chain of supermarkets in Taiwan.

    "We're very happy to add Hwatai Commercial Bank to our roster of bank customers in Taiwan," says Kelly Lin, Sales Director Asia at Todos AB. "Now that they are deploying the Todos eCode system they can offer people greater trust and security and pave the way for exciting future opportunities."


    Todos AB helps banks and other businesses create trusted, secure relationships with their customers online. Founded in 1987, Todos designs, develops, delivers and supports security solutions for eBanking and eCommerce strong authentication. We have delivered over 20m products to 100+ financial institutions in more than 30 countries. When trust matters, trust Todos.

    For further information please contact:

    John Ahlberg, Communications Director

    Todos AB
    +46 31 775 88 00

    CRE Secure Rescues e-Commerce Merchants from PCI Compliance Burdens

    Hosted Payment Page delivers secure shopping cart transactions without sacrificing branding and customer experience

    Atlanta, GA (PRWEB) October 6, 2009 -- As the remaining Payment Card Industry Data Security Standard (PCI DSS) deadlines approach, e-commerce merchants must quickly determine how to bring their checkout process into alignment with the new required standards for protecting sensitive cardholder data. To ease the burden, CRE Secure Payments, LLC has unveiled a Hosted Payment Page technology aimed at reducing the scope and cost of PCI Compliance for e-commerce merchants by moving the storage, processing and transmittal of payment information from the merchant's environment to a PCI-Compliant data center without interrupting checkout flow.

    Hosted Payment Page with Patent-Pending HTML CLONE™ Technology

    CRE Secure's Hosted Payment Page is a PCI compliant service that presents itself in the normal checkout process to provide a smooth and familiar experience to customers for payment collection. Unlike traditional services that redirect customers off-site for payment, CRE Secure's patent-pending HTML CLONE technology calls on the merchant's shopping cart or website CSS to provide an exact replica of the merchant environment to ensure a seamless checkout experience for the user - including access to all links and live navigation of the merchant site.

    "A seamless checkout process was an absolute requirement for us," said Greg McGraw, President and CEO of CRE Secure Payments. "Other outsourced payment processing services, like PayPal's Payment Standard, disrupt the checkout flow and force the merchant to surrender branding control - often resulting in confused customers, increased cart abandonment, and fewer items per ticket".

    The Fast Track to PCI Compliance

    The Hosted Payment Page provides a methodology by which e-commerce merchants can leverage CRE Secure's PCI-Compliant process to manage the storage, transmittal, and processing of cardholder data - thereby removing these elements from the scope of the merchant's PCI compliance requirements - dramatically reducing the time and cost required to achieve compliance.

    The time, energy, and cost required to meet compliance requirements can be overwhelming for the e-commerce merchant. With a Hosted Payment Page, integration can be done via a readily available Hosted Payment Page toolkit from partner IP Commerce and takes as little as one day to implement. "We are thrilled that CRE Secure has chosen our Managed Commerce Services Platform as the cloud-based backbone for the Hosted Payment Page. This is exactly the type of secure commerce innovation we built our platform to enable," says Chip Kahn, CEO of IP Commerce.

    CRE Secure's Hosted Payment Page offers a much needed lifeline to the thousands of e-commerce merchants struggling to achieve PCI Compliance prior to approaching deadlines. "By taking cardholder data out of scope, we can greatly reduce the amount of effort required to achieve PCI Compliance - allowing e-commerce merchants to worry less about managing compliance and more about providing a great customer experience," adds McGraw.

    Pricing and Availability

    CRE Secure works with most open source shopping cart software including OSCommerce, CRE Loaded, ZenCart, Magento, VirtueMart, and Ubercart, and provides direct connectivity to leading payment processors including Chase Paymentech.

    Visit us at the following link to learn more or to begin a Commerce Hosted Payment Page integration.

    About CRE Secure

    CRE Secure is the latest innovative solution from CRE Commerce, a leading open source eCommerce software project since 2001. Today, the company is using its experience as an online merchant and its nearly 200,000 users of its award winning open source shopping cart to launch a new secure payment service, CRE Secure Payments. CRE Commerce's PCI compliant shopping cart software is based on the osCommerce architecture operating under the GPL and includes a "loaded' solution set of powerful features, plug-ins and affiliate partnerships all designed to help online merchants get web stores up and running in secure environments and generating revenue faster. CRE Commerce, and its subsidiary CRE Secure Payments, is a venture backed e-commerce company, based in Atlanta, GA. To learn more or to get started visit CRE Secure or call 1-800-609-2141.

    About Commerce Lab

    Commerce Lab from IP Commerce enabled CRE Secure to build a scalable and secure payment processing product by integrating to the Managed Commerce Services Platform. For more information, visit Commerce Lab

    Based in Denver, Colo., IP Commerce provides the first cloud-computing platform for commerce. The Managed Commerce Services Platform enables payment providers and new industry entrants to become solution providers enabling new work flows and processes on-demand.

    The names of actual companies and products mentioned herein may be the trademarks of their respective owners.


    Source: Company Press Release

    BofA Pledges to Keep Credit Card Fees in Check Until...

    Bank of America Vows to Maintain Credit-Card Rates Ahead of Law

    By Peter Eichenbaum and Alison Vekshin

    Oct. 6 (Bloomberg) -- Bank of America Corp., the biggest U.S. bank, vowed to keep consumer credit-card fees and interest rates unchanged until federal regulations take effect next year.

    The bank offered the pledge in a letter to House Financial Services Committee Chairman Barney Frank, who called a hearing Oct. 8 on legislation that would move up the effective date for the Credit Card Accountability Responsibility and Disclosure Act. Frank, a Massachusetts Democrat, proposed that provisions, including a requirement that lenders apply payments to higher- rate balances first, take effect Dec. 1 rather than in February.

    Continue Reading at Bloomberg

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    Hess Convenient Stores to Accept PayPass

    Purchase, N.Y., Oct. 6, 2009 -- MasterCard Worldwide announced today that leading independent gasoline-convenience store retailer Hess will accept MasterCard PayPass at more than 870 company-operated Hess and Hess Express locations along the eastern United States. In addition to traditional magnetic-stripe payment cards, Hess will accept MasterCard PayPass at check-out counters at these locations by early 2010 to provide customers with quicker transactions and greater payment convenience.

    "Our customers are always looking for greater speed, security and convenience at Hess locations, and increasingly they prefer electronic forms of payment over cash," said Rick Lawlor, vice president, Retail Sales and Marketing, Hess Corporation. "Accepting MasterCard PayPass means we can meet our customers' needs and continue to enhance the customer experience, which is the Hess Way."

    With MasterCard PayPass, Hess customers simply tap their PayPass-enabled MasterCard card or device on a PayPass-accepting reader at check-out. Cardholders benefit from additional security because the card never leaves the customer's hand. MasterCard PayPass also does not require customers to sign receipts for purchases under $25, further speeding up the transaction. This amount will increase to $50 as of October 16th.

    The use of contactless payment cards continues to see exponential growth. As of second quarter 2009, MasterCard had issued nearly 61 million MasterCard PayPass cards or devices, which can be used at over 153,000 merchant locations globally.

    "Hess branded locations are the perfect environment for MasterCard PayPass because the value of faster transactions at the point of sale translates directly to busy customers who don't want to spend time waiting in line," said Cathleen Conforti, senior vice president, Global PayPass, MasterCard Worldwide. "As more customers turn to electronic payments over cash, by accepting MasterCard PayPass, Hess is taking another step to meet customer needs, and deliver great customer service and throughput at the register."

    Growing usage and acceptance of contactless payments reflects growing consumer preference for electronic payments over cash for everyday purchases. According to MasterCard research, about 94 percent of PayPass-using respondents to a 2008 MasterCard PayPass Benchmark Study were satisfied with their experience, and 77 percent of consumers that have a PayPass-enabled card use it as their primary form of payment.

    About Hess Corporation

    Hess Corporation (NYSE:HES), with headquarters in New York, is a global integrated energy company engaged in the exploration, development, production, purchase, transportation and sale of crude oil and natural gas as well as the production and sale of refined petroleum, natural gas and electricity products. Hess is one of the leading independent gasoline-convenience store retailers on the East Coast with retail outlets in 16 states from Massachusetts to Florida. For more information, please visit www.hessexpress.com .

    About MasterCard® PayPass(TM)

    MasterCard PayPass is ideal for traditional cash-heavy environments where speed is essential, and has led the way in bringing contactless technology to consumer categories such as quick serve restaurants, drug stores, gas stations, vending machines, convenience stores, sports arenas, movie theaters, transit systems, taxis, parking garages and more. As of Q2 2009, there are nearly 61 million MasterCard PayPass cards and devices in use at over 153,000 merchants worldwide, including participating BP, Best Buy, 7-Eleven, CVS, McDonald's, Petco and many others. PayPass also is accepted at numerous professional football and baseball stadiums. For more information about MasterCard PayPass and a full list of participating merchants, visit www.mastercard.com/paypass .

    About MasterCard Worldwide

    MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com .

    Source: Company press release.
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    Avivah Litan Podcast on Breaches in the Retail Industry

    Data breaches in the Retail Industry

    In this podcast, Gartner analyst Avivah Litan talks about the Heartland data breach in relation to current data security trends in the retail industry. Also, a discussion with Ernst & Young's Sagi Leizerov on data privacy in the retail industry reveals common trouble spots for retailers, including managing vendors and tracking customer purchases.

    Sponsored by McAfee, Inc.

    Play now:


    Download for later:

    Data breaches in the Retail Industry

    • Internet Explorer: Right Click > Save Target As

    • Firefox: Right Click > Save Link As

    Browse Related Resources:

    Database Security  |  Payment Card Industry  |  Privacy Rights  |  Security Best Practices  |  Security Threats

    View all Resources by McAfee, Inc.

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    MoneyGram International Temporarily Eliminates Money Transfer Fees from Australia and New Zealand to Samoa and Tonga

    Program helps families maximize funds sent following the recent devastation Zero fee* money transfer runs from Oct. 3 to Oct. 31

    SYDNEY---MoneyGram International (NYSE:MGI), a leading global money transfer company, announced today that it would temporarily waive its money transfer service fee from Australia and New Zealand to Samoa and Tonga, as part of a coordinated effort with its money transfer agents in response to the tsunami and earthquake that hit Samoa and Tonga on Tuesday.

    “MoneyGram is eager to help these communities continue their recovery and respond to the urgent needs in Samoa and Tonga following the devastating earthquake and tsunami,” said Janice Ong, regional manager of Australia and Oceania. “In addition, MoneyGram understands how vital it is for families and friends to support one another especially in times of great need. To provide the greatest immediate benefit to affected families, MoneyGram is temporarily eliminating fees for transactions sent to Samoa and Tonga from our Australia and New Zealand agents.”

    The no fee money transfer is available until Oct. 31 at all Australia and New Zealand MoneyGram agent locations.

    “We hope this effort by MoneyGram and our agents will assist our customers in maximizing the funds sent to loved ones,” Ong said. “Westpac Bank of Samoa and Westpac Bank of Tonga have remained open since the tsunami and earthquake to ensure funds are available for the people who need help the most.”

    Funds can be collected at any MoneyGram location in Samoa or Tonga including all Westpac Bank locations, Money Exchange Limited in Samoa and Alfred Cowley Company in Tonga.

    * A currency exchange rate may apply.

    About MoneyGram International

    MoneyGram International offers more control and more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global provider of money transfer services, MoneyGram International helps consumers to safely send money around the world with funds arriving at available agent locations in as little as 10 minutes. Its global network is comprised of 180,000 agent locations in more than 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer at an agent location, please visit www.moneygram.com.
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    Global Payments to Present at William Blair & Company's Emerging Stock Conference

    ATLANTA, Oct. 5 /PRNewswire-FirstCall/ -- Global Payments Inc. (NYSE: GPN), represented by Executive Vice President and Chief Financial Officer, David Mangum, will present at "William Blair & Company's 2009 Emerging Growth Stock Conference" on October 6, 2009. Mr. Mangum is expected to present at 11:45 a.m. ET. The conference will be held in New York, NY and can be accessed via Web cast at www.globalpaymentsinc.com.

    Global Payments Inc. (NYSE: GPN) is a leading provider of electronic transaction processing services for consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies, gaming establishments, and multi-national corporations located throughout the United States, Canada, Latin America, Europe, and the Asia-Pacific region. Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. The company also provides consumer money transfer services from the U.S. and Europe to destinations in Latin America, Morocco, and the Philippines. Visit www.globalpaymentsinc.com for more information about the company and its services.

    Contact: Jane M. Elliott

    URLZone - It Outsmarts Law Enforcement Investigators...

    "Think Inside the Box"  HomeATM encrypts online banking authentication AND cardholder data outside the browser and inside their PCI 2.x Certified PIN Entry Device where it is "instantaneously" encrypted in order to prevent said data from EVER entering the web browser in unencrypted format. 

    Wired has an interesting story on the newly discovered and obviously next gen online banking Trojan known as URLZone or urlZone.  It seems it is able to recognize when "IT is being monitored" and provides investigators with fake information designed to throw them offtrack.  Amazing. 

    Allow me to "compose" an analogy which also ties into the photo displayed on the right:  Apparently Browsers are to Hackers what the Piano was to Beethoven...

    Anybody still doubt that browsers are unsafe and it's time to start conducting financial transactions "outside the browser" cause, man, these hackers are not only winning the battles, they are winning the war.  It's time to drop the weapon of botnet destruction...

    Bank Malware Serves Fake Info to Thwart  Investigators

    Researchers tracking a gang of online bank thieves found that the criminals have deployed a devious means to thwart law enforcement and anyone else trying to monitor their activities.

    Here's an excerpt from Wired:

    "The gang behind the URLZone trojan, which siphons money from online bank accounts and then alters a victim’s online bank statement to hide the fraud, have also devised a method to hide the accounts of mules they use to launder the siphoned funds.

    Researchers at RSA’s FraudAction Research Labs say the gang was aware that their malware was being tracked by investigators, so they programmed their command and control server to generate non-mule accounts to make it more difficult for law enforcement and fraud investigators to halt laundering through the real accounts.

    Read the Article in it's Entirety at Wired.com 

    I've got more on urlZone (and other Trojans) here...and below:  Online Banking Trojans Infesting the Web (pindebit.blogspot.com)

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    Online Content Shouldn't Be Free?

    According to DirectNews, the days of free online content should be numbered:

    It is necessary for newspapers to charge readers to view their online news, according to WPP chief executive Sir Martin Sorrell.

    The business boss has claimed that the lack of advertising available to newspapers means that they need to change the way they provide news sites and website news, reports the Telegraph.

    Newspapers cannot survive if they continue with the same structure, he said at Stream 2009, an invite-only technology and media conference in Athens. It is "critical for traditional media businesses" that they charge for online news, Sir Martin explained, adding: "Getting consumers to pay for content they value is key."

    My perspective is that because we live in a free country, the PIN Payments News Blog will always be free! :-) 

    Russian Payment System to Compete with Visa/MasterCard

    Here's a follow up to a  previously post by the PIN Payments News Blog, "Russia to Create Alternative to Visa/MasterCard"

    The Moscow News is reporting that the Russian Finance Ministry is drafting a proposal to create an electronic payment system designed to compete with Visa and MasterCard.  Europe has already announced plans to do the same with a system called "Monnet."  The Russian system will be based on Sberbank's card, which last year became the United Russia Payment System. (URPS).

    MasterCard and Visa control 85% of the Russian market, including 90% of the 35 million cards given out this year before September by state lender Sberbank, while only 3.5 million of these had the URPS logo on them.

    According to the report, MasterCard wants to work with the Russian Finance Ministry:

    "MasterCard has already stated its desire to get involved in the creation of the system but first has to legally register in Russia to be eligible. "We are ready to register in Russia and to create a financial settlements centre here," the head of MasterCard Europe in Russia, Ilya Ryaby, told Kommersant last week.

    Here's the complete story: New payment system to rival MasterCard

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    eMail Accounts Compromised in Massive Attack

    So that's why it's called "hot"mail.  10,000 Hotmail e-mail passwords stolen and posted online

    Update - there are now 20,000 accounts affected and non-Hotmail addresses.

    According to several news reports, Hotmail users were hit by phishing attack which resulted in more than 20,000 user accounts and passwords being posted online. The list which was posted on pastebin.com by an anonymous user included details of accounts with email addresses ending hotmail.com, live.com and msn.com.

    confirmed that the accounts are genuine and most appear to be based in Europe.Microsoft launched an investigation to find out just how exactly the user credentials were acquired and afterward exposed on a website. But it now appears that this attack is not limited to Hotmail.  Gmail, Yahoo, AOL, Comcast and Earthlink also victims of this massive phishing attack.

    According to ReadWriteWeb.com: "Yesterday's phishing attack in which several thousand Hotmail username and password combinations were leaked to the web now appears to be just the beginning of a massive phishing attack affecting users of multiple webmail services including Gmail, Yahoo, AOL, Comcast, and Earthlink."

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    Fiserv Completes 150th Online Ordering Site Installation

    Fiserv, Inc., the leading global provider of financial services technology solutions, announced today that Jacksonville Savings Bank of Jacksonville, Ill., a Precision account processing client since 2008 with approximately $300 million in assets, has become the 150th financial institution this year to implement CustomSource, a web-based business documents ordering solution.

    Clients benefit from operational efficiencies and greater expense control with CustomSource

    Brookfield, Wis., October 6, 2009 -PIN Payments News Blog- Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today that Jacksonville Savings Bank of Jacksonville, Ill., a Precision account processing client since 2008 with approximately $300 million in assets, has become the 150th financial institution this year to implement CustomSource, a web-based business documents ordering solution.

    CustomSource from Fiserv delivers a fully-functional online viewing, ordering and proofing solution. The easy-to-use tool was customized based on the unique needs of Jacksonville Savings Bank, and is complete with document specifications, images and pricing. Utilizing variable, print-on-demand functionality, branch or administrative personnel can edit, proof and order operational forms in a single action. The features of the solution allow financial institutions to drive responsibility for forms inventory management to each branch location.

    Consistent with its progressive business approach, Jacksonville Savings Bank recognized the automation provided by CustomSource could streamline the order process for operational forms while providing control in terms of the inventory held at each of the seven branch locations. Additionally, Jacksonville Savings Bank will now be able to globally implement any future form changes by modifying the online order template, thereby insuring that their forms are always in compliance and system compatible.

    "The CustomSource solution added efficiencies to our whole process," said Matthew Cors, operations officer at Jacksonville Savings Bank. "Historically we had a centralized ordering process with one person responsible for almost everything. Now CustomSource allows us to drive the responsibility to the department level, to the people who know what they need when they need it, while still providing management the ability to control the process and manage spend."

    An example of its processing core competency, CustomSource from Fiserv provides on-going order and fulfillment needs while minimizing the resources needed to manage this element of an institutions operation.

    "CustomSource puts the client in control of when they place orders and how they manage their document inventory. The real-time nature of this online ordering tool provides exceptional benefit to both our clients as well as Fiserv in terms of operational efficiency," said Brad Brogan, Sales and Marketing director, Output Solutions, Fiserv. "With the overwhelming acceptance we have seen among our clients this year, we are planning for the next phase of development to include marketing resources; which should only accelerate client adoption of CustomSource."

    About Fiserv

    Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrates its 25th year in 2009. For more information, visit www.fiserv.com.

    # # #

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    Fiserv Signs More Than 200 Credit Union Renewal Agreements

    Fiserve announced today that it has renewed a significant number of credit union account processing solution contracts since January 2009. By renewing long-standing processing relationships with 217 credit union account processing clients in the first eight months of 2009, Fiserv further demonstrates its commitment to the credit union market and reinforces the company's core competency in processing solutions. Please contact me with additional questions.

    Company extends relationships with clients in all asset ranges; long-standing clients cite premium integration and customer service as decision factors-

    Brookfield, Wis., October 6, 2009 -PIN Payments News Blog- Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions and the largest provider of business-driven technology solutions for credit unions, announced today that it has renewed a significant number of credit union account processing solution contracts since January 2009. By renewing long-standing processing relationships with 217 credit union account processing clients in the first eight months of 2009, Fiserv further demonstrates its commitment to the credit union market and reinforces the company's core competency in processing solutions.

    "The strength of our renewal figures reflects a strong vote of confidence from our clients," said Scott Butler, president of Credit Union Solutions at Fiserv. "It's clear that the Fiserv commitment to providing innovative solutions that help credit unions achieve their business goals is yielding tangible benefits for our clients."

    Fiserv holds 32 percent market share for account processing among U.S. credit unions. Both new and renewing clients cite the company's broad portfolio of value-added capabilities and the efficiencies gained through tight integration of those tools with their Fiserv account processing systems as key reasons for maintaining their partnerships with Fiserv. Long-term relationships with dedicated support teams were also cited as decision factors in extending these agreements.

    "The men and women at Fiserv have consistently been there for us, meeting our technology needs as we've grown and changed," said Kevin Long, president of Mississippi Telco Federal Credit Union, a Fiserv client since 1989 that has grown from $29 million to $115 million in assets since first implementing the PorticoTM account processing system from Fiserv. "Now Fiserv is able to deliver even more of the integrated tools we need, like innovative online banking capabilities, and help us bring them to market faster for our members."

    "When it was time to renew, we carefully reviewed our options and even solicited the help of a third-party to determine which account processing solution would be best for us going forward. In the end, we determined that not only is our current Fiserv system the right solution today, but it has the capacity to meet our needs for years to come," said Bryce Everett, IT director for $873 million NuVision Federal Credit Union in Huntington Beach, Calif., which serves nearly 70,000 members and recently renewed its agreement for the DataSafe account processing solution. "In addition to our existing system, we appreciate the new 'One Fiserv' approach and the access it gives us to more products, more services, and more functionality than ever before."

    About Fiserv

    Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrates its 25th year in 2009. For more information, visit www.fiserv.com.

    In a separate Press Release,

    # # #

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    Disqus for ePayment News